On Friday, China stated that it would impose tariffs on $75 billion worth of American goods entering its country. China's latest tariffs are in response to America's plans to hit $300 billion worth of its goods with import tariffs starting in September. In a series of tweets on Friday, President Donald Trump stated, "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA." This latest volley in the escalating US-China trade war greatly affected America's chip companies.